Myriad Genetics (NASDAQ:MYGN) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Myriad Genetics shares rose above their 200-day moving average, trading as high as $6.36 and last changing hands at $6.31, after a move past the $5.00 technical level.
• Analyst sentiment remains cautious: Wells Fargo and TD Cowen both cut price targets, and the stock currently carries a consensus Hold rating with a $6.50 target.
• The company recently missed earnings expectations, reporting a smaller-than-expected loss but slightly lower-than-forecast revenue, while insiders and institutions showed mixed activity with notable insider buying and selling.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.00 and traded as high as $6.36. Myriad Genetics shares last traded at $6.31, with a volume of 1,100,418 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MYGN shares. Wells Fargo & Company lowered their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research note on Wednesday, May 6th. TD Cowen cut their price target on Myriad Genetics from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Myriad Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Myriad Genetics presently has a consensus rating of "Hold" and a consensus target price of $6.50.

Myriad Genetics Stock Performance

The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36. The firm's fifty day moving average is $4.72 and its 200 day moving average is $5.00. The company has a market cap of $595.98 million, a PE ratio of -1.47 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The company had revenue of $200.40 million for the quarter, compared to analysts' expectations of $202.42 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The business's revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts predict that Myriad Genetics, Inc. will post -0.17 EPS for the current fiscal year.

Insider Transactions at Myriad Genetics

In other news, Director Paul Bisaro acquired 7,500 shares of the business's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $3.69 per share, for a total transaction of $27,675.00. Following the purchase, the director owned 97,441 shares in the company, valued at approximately $359,557.29. This represents a 8.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the transaction, the director directly owned 171,889 shares of the company's stock, valued at $766,624.94. The trade was a 8.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Orbimed Advisors LLC purchased a new stake in shares of Myriad Genetics during the first quarter worth $562,500,000. Millennium Management LLC lifted its stake in shares of Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company's stock worth $41,206,000 after buying an additional 1,951,831 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Myriad Genetics by 157.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company's stock worth $17,662,000 after buying an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC acquired a new position in Myriad Genetics during the second quarter worth about $6,638,000. Finally, Federated Hermes Inc. boosted its position in Myriad Genetics by 103,916.0% during the second quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company's stock worth $5,960,000 after acquiring an additional 1,121,254 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

Myriad Genetics NASDAQ: MYGN is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual's risk for various hereditary conditions and to guide personalized treatment decisions. The company's core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women's health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.

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